Finance a Larger Home with a Jumbo Loan
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Go Big or Bigger with a Competitive Jumbo Loan
Great Midwest Bank offers financing options above $647,200, which is the limit on conventional mortgages set by the Federal Housing Finance Agency.
What You Need to Know About Jumbo Loans
What is a Jumbo Loan?
When a regular mortgage isn’t enough you may need a Jumbo Loan. When a mortgage goes beyond the current “conforming” loan limit, it enters the category of a Jumbo Loan.
Like other mortgages, Jumbo Loans come in the form of both adjustable and fixed rates, which are often slightly higher than their conforming counterpart.
Adjustable Rate Jumbo Loan
With an adjustable-rate Jumbo Loan, the initial interest rate is fixed for a period of time. After that, the interest rate resets periodically.
Fixed Rate Jumbo Loan
A fixed-rate Jumbo Loan option provides the security and peace of mind with a longer-term fixed rate. It generally requires a higher down payment as well as stronger credit and income history. In some cases, two appraisals may be required.
Navigating Jumbo Loans with a Helpful Loan Officer
Getting started is easy at Great Midwest Bank. Our knowledgeable loan officers have the answers to all your questions. Plus they’ll guide you through the different options, rates, and terms.
Jumbo Loan Application Process
Applying for a Jumbo Loan from Great Midwest Bank is a stress-free process. We’ll take the time to go over all of the details with you and help you decide if a Jumbo Loan is best for you. We’ll also ensure you understand what you can expect at every stage of the process.